13-39A-25. Provisions of lease-purchase agreements.
136 words·~1 min read·
/sd/title-13/chapter-13-39/13-39a-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A lease-purchase agreement authorized pursuant to § 13-39A-24 :
(1)Shall be approved by the governing body of the LEA;
(2)May provide for the simultaneous conveyance of existing facilities to be leased back with the improvements and other property being financed;
(3)May provide for all rights, title, and interest of the authority to be conveyed to the LEA or to the board upon payment or other discharge of the bonds issued therefor; and
(4)May contain any other provision the authority and the board determine is necessary or appropriate to secure payment of amounts due under any agreement. No other provision of law may limit or otherwise restrict the power and authority of an LEA or the board to enter into a lease-purchase agreement or govern the procedure by which an agreement is authorized.